Most people assume that buying rental properties is only for those making six-figure salaries. How can the average American afford the sizeable down payment and high interest rates of today’s housing market? Let us introduce you to Tiffany , a twenty-three-year-old from Colorado who’s using her $41,000 salary to build wealth at an early age. Tiffany is doing this all while bringing in just a few thousand dollars a month without a four-year degree. She’s ready to buy her second property this year...
Feb 24, 2023•43 min•Ep. 387
Look up any “ how to retire early ” guide online, and you’ll see some basic information: invest in your 401(k), take advantage of your employer match, buy real estate, and invest the rest in index funds. While this type of advice is by no means wrong, it’s geared almost entirely toward W2 workers with consistent income and a full stack of benefits. Those waiting tables , bartending , or doing any other service industry work don’t fall into the “predictable income” category, so they often get lef...
Feb 20, 2023•1 hr 3 min•Ep. 386
Your home equity could be the secret sauce to earlier retirement . With so many homeowners and rental property investors across the nation sitting on hundreds of thousands in home equity , one asks, “what if you used this trapped equity to build wealth ?” And although most homeowners won’t want to sell their primary residences, refinance into higher mortgage rates, or risk taking out a high-priced HELOC, rental property owners are in the perfect position to use their massive equity positions to ...
Feb 17, 2023•54 min•Ep. 385
Every entrepreneur wants to build a nine-figure business . Even a million dollars in revenue seems like a dream to the everyday American. So how did a Red Robin waiter , making five-dollar tips, leave college to start one of the fastest-growing real estate businesses in the country ? Even better, how did he do it multiple times, creating not one, not two, but a group of entrepreneurial endeavors that casually bring in over nine figures each year ? If you want to hear his system to success, you’l...
Feb 13, 2023•1 hr 8 min•Ep. 384
Knowing how to build business credit could be the difference between starting your dream business or waiting on the sidelines. And while most people think that building business credit requires years of income, million-dollar revenue, or a personal connection with your local bank, Jack McColl is here to tell you otherwise. Jack has been able to unlock half a million dollars in business credit in record time through a simple system. He did this using means that EVERYONE has access to and is here ...
Feb 10, 2023•41 min•Ep. 383
What if you won the HGTV Dream Home ? If you’ve heard of the sweepstakes before, you know what it feels like to watch the walkthroughs, read about the top-tier renovations , and imagine yourself soaking in the bliss of winning a mansion, tucked away in some of America’s most serene areas . But this dream may never come to fruition because the reality of winning the HGTV Dream Home is much different than most people think. To explain, we brought on CPA and tax expert Amanda Han . Amanda admits th...
Feb 06, 2023•49 min•Ep. 382
Knowing how to build wealth may come as a given for most investors. Buy assets, hold on to them, profit, and repeat. While this formula may seem simplistic at first glance, the emotional side behind investing is something rarely ever talked about. For those just starting to build wealth, wanting to become financially free, it can be anxiety-provoking to sacrifice most of your money for a single investment that could profit or end up failing. Rookie real estate investors constantly feel this fear...
Feb 03, 2023•48 min•Ep. 381
The 2023 tech layoffs have already begun to make the 2022 tech layoffs look like small-scale firings. What started as a few large companies firing unneeded hires quickly ramped up to an industry-wide cost-cutting exercise as hundreds of thousands of employees were forced to walk away from their stable salaries , free lunches, and healthcare. With tech companies being some of the most generous in terms of compensation, it makes sense that these would be the first businesses to force mass layoffs....
Jan 30, 2023•54 min•Ep. 380
For the entry-level worker, employee stock options may seem completely foreign. But for most tech workers, this is commonplace and can be highly lucrative if understood correctly . In short, employee stock options, employee stock purchase plans ( ESPP s), and restricted stock units ( RSU s) all give an employee far more upside (and downside) than a traditional salary . As a result, you’re trading steady take-home pay for the potential to own company stock shares that could be valued at even more...
Jan 27, 2023•58 min•Ep. 379
“ What to do if you win the lottery ." This question is getting more online searches than ever before. But what would you do? The wheels start turning as soon as those lucky numbers get picked. You stare down at your ticket in disbelief. Then, you make sure to match the ticket in your hand to the numbers on the screen. You could be staring at a million or billion-dollar prize , and for a second, most of your financial worries start to slip away , soon to be replaced by a new set of challenges. H...
Jan 25, 2023•59 min•Ep. 378
Mr. Money Mustache is the internet’s poster child for early retirement. At age thirty, Pete Adeney was able to leave a lucrative job as a software engineer to focus on building a financially free life. He brought the FIRE movement to the mainstream by teaching others online how simple spending skills could allow them to quit their corporate jobs , keep more money while working less, and live a life centered around passion, not a paycheck. His popular blog has garnered millions of visits, as earl...
Jan 23, 2023•1 hr 14 min•Ep. 377
Margin loans could be the sneakiest way to snag a low-interest rate loan in today’s Fed-influenced environment. What most investors don’t know is that you can use your stock portfolio as collateral to get massively discounted lending , but it comes with considerable risk. Carl and Mindy Jensen used this type of lending to buy their most recent real estate purchase, a medium-term rental renovation project in the same neighborhood as their primary residence. At the time, Carl could get an interest...
Jan 20, 2023•41 min•Ep. 376
Cryptocurrency is dead in the mind of most investors. What started as an awe-inspiring investment reaching massive multiples in just months , quickly became a subject of contention within the investing community. Some more traditional investors called cryptocurrency an outright fraud , while others claimed it was the final puzzle piece in the battle for a stable fiat currency. Now, with many crypto prices down, is there any reason to invest? For long-time listeners of the BiggerPockets Money Pod...
Jan 18, 2023•57 min•Ep. 375
Private equity is a term often left undefined. Ask most people if they’ve heard of private equity, and they’ll say yes. But ask them to explain what it is or how it works, and most Americans will struggle to come up with even a sentence. The industry of private equity investing is shrouded in mystery , but it probably shouldn’t be. If you know what private equity is and how to invest in it, you could take home passive income that beats the stock market and real estate investing with none of the ...
Jan 16, 2023•56 min•Ep. 374
Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably , retire early , or have less financial anxiety at the end of the day. But, the world of personal finance can be complicated for beginners. With so many spreadsheets, calculators, money methods, and mistakes to avoid , where does someone just getting started go to understand the basics ? We brought Scot...
Jan 13, 2023•45 min•Ep. 373
Want to buy a business ? If so, you’ll need franchises explained . At first, franchises seem like something only for fast food, gas stations, or hotel chains. But, in reality, a whole world of businesses are up for sale that have proven track records and could put profits into your pocket faster than starting your own business . But first, you’ll need to make sure you’re ready to own and run a franchise, as it’s not always the passive income stream investors believe it to be. When done right, fr...
Jan 11, 2023•1 hr•Ep. 372
Asking for Bitcoin explained is like asking how a rocket works; it's a little complex. A digital currency is valued at a certain amount of dollars (or euros, yen, etc.) and is used to pay for goods or exchange for other currencies. That makes sense. But things can get complicated as we go deeper into Bitcoin and the blockchain . There's no need to get overwhelmed; we brought Saifedean Ammous , economist and author of The Bitcoin Standard , onto the show to explain. Saifedean, like many investors...
Jan 09, 2023•1 hr 11 min•Ep. 371
How can a simple pressure washing business make you six figures of income a year? With a startup cost of only a couple hundred dollars , today’s guest Chris expanded his pressure washing, Christmas light-hanging, gutter-cleaning operation into a profitable business with multiple employees and a stacked schedule. But, as Chris has started to expand, he’s seen his persona l profits decline , so should he outsource less so he can keep more of the revenue he’s working hard to bring in? Welcome back ...
Jan 06, 2023•50 min•Ep. 370
Multi-level marketing companies ( MLMs ) operate in secrecy . They don’t want you to know where the products are coming from, how they’re being sold, who’s making a profit, and how the business works. They only want you to buy . Buy this starter kit, host that party, convince your friends and join the cult —sorry, the “club.” Operating in darkness is how these pyramid schemes build their membership count, branch into new cities, and keep average Americans in debt but still chasing an empty dream...
Jan 04, 2023•53 min•Ep. 369
Lynne Twist ’s The Soul of Money sparked a conversation we needed to have. It didn’t make people think “how do I make more money,” instead it asked, “ what world am I making with the money I have? ” For decades, Lynne has been fundraising for charities and causes around the globe. From ending world hunger to fighting for the climate , she’s made sure that her dollars are best put to use, helping the most people she can with the money she makes. Lynne’s rock-solid financial sense came from an unu...
Jan 02, 2023•1 hr 1 min•Ep. 368
Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampa to house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to d...
Dec 30, 2022•55 min•Ep. 367
Financial independence means something different to everyone. For some, it means having enough to not worry about being laid off. For others, it could mean making more money to buy a yacht, but for Ali and Josh (TheFICouple) , financial independence means more time together, growing a family , and a community that helps others reach their highest potential. Just four years ago, Ali and Josh were strapped with six figures worth of debt , living paycheck to paycheck , struggling to survive. Now, t...
Dec 26, 2022•53 min•Ep. 366
Don’t know how to become a millionaire ? There’s a pretty simple formula for seven-figure wealth that the average American doesn’t know about. It isn’t complicated, but it does take a fair amount of time to come to fruition. If you follow the same strategy, regardless of where you’re starting right now, you too could become a millionaire in under ten years . This wealth-building formula is exactly what today’s guest, Remy , is looking for. Remy is doing his mid-twenties the right way. He’s got a...
Dec 23, 2022•59 min•Ep. 365
Everyone makes financial mistakes , even those that we trust with money the most. Rachel “Money Honey” Richards to many people online is the epitome of someone who has their finances locked down. She grew a massive real estate portfolio in her twenties, hit financial freedom before thirty , and has written bestselling books that others use to increase their financial acumen. And although Rachel still is a financially free money nerd like no other, her recent divorce changed most of what she knew...
Dec 19, 2022•56 min•Ep. 364
Once you know how to save money , you can start stacking those savings to buy real estate and businesses or invest in long-term wealth-building investment accounts. But, without a steady stream of savings coming in, you're treading water, and one emergency expense could completely blow you off course . In a high-cost-of-living area like Washington, DC., this can seem even harder as rent, gas, and going out prices are far above the national average. But, there are some surefire ways to save (and ...
Dec 16, 2022•57 min•Ep. 363
A financial plan puts you on the path to long-term wealth and a life rich in time freedom . So why don’t most Americans have one? Everyday workers are often so focused on paying bills and having a sliver of time to relax that they completely forget the whole reason many of us work—to one day do what we want, when we want, with who we want . So, if you’ve been on the grind, making money, wanting to build wealth, but don’t know where to start, this is the episode for you. In it, Scott Trench walks...
Dec 12, 2022•46 min•Ep. 362
Retirement planning is something best started early on. The more time you give yourself to invest, the faster your accounts can grow, giving you early financial independence well before the age of sixty-five. But what are the two best ways to do this? On one hand, you’ve got cash-flowing rentals that appreciate while giving you freedom-enabling income with long-term wealth growth. On the other hand, you’ve got passive retirement accounts , many of which can save you boatloads on taxes and grow d...
Dec 09, 2022•49 min•Ep. 361
If you talk about how to avoid taxes , most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax code to massively lower your year-end burden , all while making an ordinary income. Real estate investors have been doing this for years, using so-called “ tax cheat codes ” like depreciation and cost segregation studies to write off massive paper losses on their taxes. But how do they do it , and if you’re an investor, can you do the same? Natalie ...
Dec 05, 2022•42 min•Ep. 360
The house hack strategy doesn’t always run smoothly. Turning an old home into a modern, rentable masterpiece takes money—especially if you’re doing a big renovation. One of the easiest ways to get the rehab funds you need? A home equity line of credit ( HELOC ) . But, when used incorrectly, a HELOC’s adjustable interest rate can bury any chance you have at cash flowing , no matter how great of a mortgage rate you get. Welcome back to another Finance Friday episode! This time around, we’re tackli...
Dec 02, 2022•59 min•Ep. 359
For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time , to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire...
Nov 29, 2022•47 min•Ep. 358
